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#1 cdlu

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Posted 09 February 2010 - 10:49 AM

Not sure if I spelled that right! Not sure if I will ever move to Cozumel ( I will never say never), however, instead of being a Snowbird or Winter Texan as they call them, I would rather spend my winter in Cozumel when Don and I retire. We are putting money away now just for that.
I would like to hear from those of you that are Winter Cozumelans who spend 2-3 months of the year on Cozumel. I have general questions,like where do you stay? estimated expenses such as apt. rental or house rental? etc. Thanks to those of you willing to share your stories.
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#2 Guest_Jean McAdam_*

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Posted 09 February 2010 - 11:36 AM

We would very much be interested in this information also, although not too sure we will be able to afford 2 - 3 months.
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#3 cdlu

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Posted 09 February 2010 - 12:19 PM

We have 16 months left on our mortgage, so the plan is for retirement, no mortgage and no car payments so that we can afford to stay 2-3 months.I talked to a couple on the ferry last year when we were on the island who were doing this. The were renting an apt. for 500.00/month plus electricity and were there for 3 months. I told my husband,"We can do that when we retire".
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#4 Guest_Jean McAdam_*

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Posted 09 February 2010 - 03:11 PM

Retirement is probably four or five years off for us, so this is just wishful thinking.
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#5 Charles

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Posted 10 February 2010 - 02:07 AM

There are lots of places to rent, but two to three months is a very short term lease. It is tricky to find the right place that offers all the features you desire and in a comfortable location. Six months is about all I can deal with as I swore years ago, I would never spend another summer here after ten in a row. Some people that find real good deals rent year round and maybe stay a few months at a stretch and toss in another shorter visit. It is difficult to find a place that is complete with all linens, kitchen items etc. Cable TV and Internet is a desire of many people. It all depends on what you want and your ability to adapt. Lots live here for a few months a year in a wide range of prices and creature comforts.
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#6 cdlu

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Posted 10 February 2010 - 08:40 AM

Retirement is probably four or five years off for us, so this is just wishful thinking.


Retirement is 5-9 years away for us also. I have been a coach/teacher for 25 years so planning is my profession! lol
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Cindy

#7 cdlu

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Posted 10 February 2010 - 08:44 AM

There are lots of places to rent, but two to three months is a very short term lease. It is tricky to find the right place that offers all the features you desire and in a comfortable location. Six months is about all I can deal with as I swore years ago, I would never spend another summer here after ten in a row. Some people that find real good deals rent year round and maybe stay a few months at a stretch and toss in another shorter visit. It is difficult to find a place that is complete with all linens, kitchen items etc. Cable TV and Internet is a desire of many people. It all depends on what you want and your ability to adapt. Lots live here for a few months a year in a wide range of prices and creature comforts.


What got me really thinking on this was when I talked with a couple on the ferry last Feb. when we were on the island. This couple was there for 3-4 months renting an apt. for 500/month plus the elect. I know things can be very different down the road but I like doing the research and talking to people like you to find out information. Thanks
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Cindy

#8 Charles

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Posted 10 February 2010 - 10:59 AM

Cindy, they exist in that price range, even less. It is a renter's market the island is so overbuilt. Places that are more turn key ready and using property management services and provide all services will cost a lot more. There are people that rent year round apartments in the $300-350 range, in good locations, but those might require an investment of $500 in getting many "essentials". Location is the key and the real deals tend to rarely have vacancies. One place for example, good for one person is the Careybeth (SIC?) across from La Veranda restaurant. They used to have a waiting list. Now you can get a one room, with large bathroom, very basic, no AC, no cable and with a no nonsense landlord that strictly keeps an eye on the place. Very secure, super convenient downtown location, surprisingly quiet and under $300 dollars including utilities.It is very basic, but by no means primitive.
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#9 Coz2wonder

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Posted 10 February 2010 - 01:21 PM

Having been where Cindy and Jean are, I can tell you about some of the process I went though.

The first time I came to Cozumel was 1975. Our son was 5 years old, and we stayed at what is known as the Fountain Hotel. Of course, I fell in love with Cozumel.

Over the years, we would come back for a week, and as the years progressed we would come back 2, then 3 times a year with increasing stays.

About 10 years ago, we purchased 5 acres here, Mariposa Estates (directly across from Playa Mia). When we first looked at the property it was $35K. We procrastinated, and purchased it at $45K (wait so that you can pay more) It is now over $90K. But, the point is, we where ready to make an investment.

What to do with it, was another question.

My husband and I both worked for high tec company in Silicon Valley and traveled all over the world (I used my FF miles to come here 3 times a year for 6 years)but it never dawned on us to build (or buy an existing property)while we had paying jobs.

We where focused on what we HAD to do, what our obligations where.

Now, in hind site, I see my mistakes.

What I have learned:

1. Identify where you want to be when you can pull the plug.
I had a choice, I loved Cozumel, but I also loved Singapore. We had a small investment here, but where would we feel most comfortable, and could are families who could visit easily.

2. Okay, so it was Cozumel. What lifestyle did I want. Ocean was my first choice, but it was expensive then, and it is out of site now. Unless I wanted to live in a condo, we had 6 animals and training them to push the button in the elevator seemed to be out of the question (Corgi's are to short to reach the buttons). It was not our lifestyle. We enjoy our gardens, we enjoy so much of outdoor living...condo's would not work for us.

What I would have done different:

1. What can I afford? NOW
2. What neighborhood's do I want to live in? NOW
3. Can I make a commitment...NOW

The reason I am saying NOW is because it is like buying a Car. If you go to a dealer and say, I am interested in buying a car, you look around and find one that you like, you find out the price then say "in 5 years I will be ready to buy" what do you think the answer is going to be.

answer is: Come back in 5 years when your ready.

The biggest mistake I made was not making the investment, (building my house) when I had a pay check to pay for it.

I had a great boss in my life, he said to me "Pay yourself first".

If I had "paid myself first" I would have purchased the property, built the house without any debt.

The prices for buying or building are only going to go UP...

If you buy or build and think that you are going to rent it out to cover your costs...that is not the reality.

The reality is, you find what you want, where you want, and pay for it WHILE YOU HAVE A PAYING JOB.

Cruise the real estate sites for the island, look at what is available, and look at the current prices as to where you want to live, then add 5 to 6 years to what the asking prices are now.

I can only share with you what I did right, and what I did wrong, and what I wish I had done better.

P
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#10 DanB

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Posted 10 February 2010 - 04:43 PM

Cindy, this past October I set up an appointment with Alejandra (a real estate agent) at Cozumel Capital (website www.cozumelcapital.com). I told her that my wife and I were thinking of coming to Coz for 3 months during the summer (my wife is a teacher). I asked her if she could show me any apartments that could be rented for a 3-month time period. She did meet with me and showed me a few places but did not catch the fact that this was a "possibility tour" not something I was trying to rent right then for 3 months. She told me that she sometimes represent apartments (and even small homes) that could be rented for 3 months periods but that she would only know what was available and whether the owners would consider such a short term rental within a month of so of when I wanted to rent. So, perhaps she is a resource for your search. Good luck. I will follow your search with great vicariosity (if that's a word).
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#11 Carey

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Posted 11 February 2010 - 08:06 AM

If you buy or build and think that you are going to rent it out to cover your costs...that is not the reality.

The reality is, you find what you want, where you want, and pay for it WHILE YOU HAVE A PAYING JOB.

Cruise the real estate sites for the island, look at what is available, and look at the current prices as to where you want to live, then add 5 to 6 years to what the asking prices are now.

I can only share with you what I did right, and what I did wrong, and what I wish I had done better.

P


Great informative post, Paula. I'd give it a thumb's up vote but I don't have that + - function on the right side of the posting screen working as yet. I agree with everything you say. And I particularly wanted to emphasize your point about not including potential rental income in your budget planning scenario. Unless you are oceanfront, you just aren't going to get very many weeks rented and what you do rent, you'll pay 20% commish to an agent and a monthly property management fee. Even oceanfront the competition is pretty strong as there are more and more condos being rented out. So you have to include a budget also for your own personal marketing plan including a good website and excellent search engine strategies that may, over time, bring you up to the top few pages in google search on terms like "cozumel vacation rentals".

There is also the legal elements to consider. In order to rent your home legally, you have to make it a business, hold it in a Mexican corporation and pay taxes on your profits. This subjects you to higher tax rates on the property alone -- not counting the bite Mexican IRS/Hacienda will want on your rental fees. There will be monthly accounting fees, even higher utility bills, etc.
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#12 Steve

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Posted 11 February 2010 - 06:44 PM

I have been coming down for a while. I've stayed up to 6 months at a time. I like to travel a lot when I am there and that is not to cheap. I also drink a lot of beer. My brother has been coming with me for the last six years and I don't find it hard to survive on $1200 a month for two people. $1500 is better. I don't like to pay over $10 to $15 a night for rent for a longer term. Lots of places can be found for that. I do most of my own cooking so beer is the biggest expense. Around $500 a month. It's easy to do but I don't have a mortgage to pay at home. It's cheaper on the mainland depending on you standards. I can rent a place in Coba for $80 a month.

I'll be down in 6 days. I will be spending 10 days in Tulum, at least 3 weeks on Cozumel, and a 10 day trip to Belize, and Guatemala. Most of this time will be spent in hotels. I'll post a break down of my expenses when I return. Sure beats spending the winter in Chicago.
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#13 Valli

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Posted 11 February 2010 - 10:52 PM

As always, looking forward to your awesome trip reports and pictures, Steve.
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#14 Jim912

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Posted 12 February 2010 - 09:11 AM

Paula gave some great information and I can certainly concur.

We made numerous diving trips to the island and started looking for properties. We bought a fixer upper five years ago and have made renovations as time and money allow. Two hurricanes helped to speed up the process. My wife also teaches and spends all summer on the island. In addtion to flying with seven driving trips down we have a lot of "bare" essentials that we need for a comfortable home. Renting is a good option so that you can have time to explore the island and decide where you want to live.
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#15 Carey

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Posted 12 February 2010 - 09:27 AM

Hi, Jim
In case anyone hasn't noticed, you can vote thumbs or or down on any posts you really like (or hate) via the little + and - buttons near the reply button.

On the old forums we hit this nail with many hammers in regards to being sure you come and live here for awhile before making a permanent committment. But we're going to need to open another package and start ramming this message home as it will potentially save folks a lot of grief down the line.

I realize now, however, that this thread is asking about wintering on the island. So I won't get out the nails yet as these posters are already on the right road.

I will say because I have trouble keeping my yap shut :D that moving to Cozumel is a whole different ballgame than moving from, say, Minneapolis to Phoenix. In the latter case, you basically just have weather and differences in cost of living to adjust to. Down here: language, personal customs and culture, business customs and culture. Plus you're not a citizen and so lack certain rights and privleges.
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#16 whisperer

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Posted 12 February 2010 - 06:02 PM

I hope this is the right place to post this. I'm interested in a long term rental. According to some local sources, there are many places to rent on the island right now but I don't know the best place to find these rentals that exist. I have been a property manager for several years so I believe a property owner could bypass that expense and work directly with me and have good peace of mind. I'm also familiar with the island and the issues home owners deal with.
If anyone knows of a resource to find homes for rent on the island, please contact me. Here are the things I would require;
3 bedrooms or more
2 baths or more
Swimming pool-any size
Air conditioning
Good security

I think that covers what I'm looking for. I'm probably missing some important element in which case, anyone is welcome to bring it to my attention.

Thanks for the help...
Kate
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#17 Carey

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Posted 13 February 2010 - 10:54 AM

I'm interested in a long term rental. According to some local sources, there are many places to rent on the island right now but I don't know the best place to find these rentals that exist. I have been a property manager for several years so I believe a property owner could bypass that expense and work directly with me and have good peace of mind. I'm also familiar with the island and the issues home owners deal with.
If anyone knows of a resource to find homes for rent on the island, please contact me. Here are the things I would require;
3 bedrooms or more
2 baths or more
Swimming pool-any size
Air conditioning
Good security


This is a good form for posting this. But if you want to get any attention and some answers,Kate, why don't you Start a new Topic? it's getting lost under people discussing short term rentals for the winter and you also raise some other interesting issues.

Once I see you've posted your query as it's own topic, we'll remove your post here.
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#18 obispo

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Posted 04 March 2010 - 03:58 PM

I'm interested in purchasing a condo in Cozumel and have been viewing real estate prices for almost a year. Advertised prices don't appear to have dipped as they have in my neck of the woods, Michigan. Have they in fact been reduced, but not advertised? Is it a buyer's market in Cozumel?

Obispo
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#19 TRAVELER89

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Posted 04 March 2010 - 09:46 PM

Cindy, the word you are looking for is "Winter Cozumelenos.....", I joking refer to them as Seasonal Migrant Residents(SMRs). Do they still have the Migrant Labor Camps around you neck of the woods..... If you needs any info please feel free to contact me.

Traveler, an Ol' Arkie...
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#20 divadiver

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Posted 05 March 2010 - 11:46 AM

I'm interested in purchasing a condo in Cozumel and have been viewing real estate prices for almost a year. Advertised prices don't appear to have dipped as they have in my neck of the woods, Michigan. Have they in fact been reduced, but not advertised? Is it a buyer's market in Cozumel?

Obispo



Not much of a buyer's market these days. That window sort of closed after Wilma, when it was a real buyer's market. Condos start at around $200k and go up & up from there. There are some more affordable single family house under $200k, then very few small places under $100k. You'll just have to look and look. Choosing an area can be challenging. One of the many things to consider is the flooding potential of the area. Think about what your priorities or conveniences you'll want of need.

Ironically, a house I had a contract on 4 yrs ago has been back on the market again and again. The price is slightly reduced from back then. Often times houses stay on the market for years with very small reductions over time.

Heed this warning, for sale by owner can be very risky in MX. Unless you know all of the ins and outs, don't even consider such.
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